Good News For Montana Renters. Less Wait Lists For Bozeman?

We are constantly talking about the housing market and rentals. It has been a problem over the last couple of years to not only find affordable housing but to find housing in general. But there could be a light at the end of the tunnel!

I know firsthand the struggle. It took me almost 8 weeks on a waiting list to get my first apartment last year. I thought I would never get in!

Then 6 months into the lease they were upping the rent when my lease was up. Not just a few dollars, but a few HUNDRED dollars. So I signed off that lease, got on ANOTHER waiting list, and moved into a friend's basement for the last 2 1/2 months.

Finally, after waiting, I will move into another apartment. I was willing to wait it out to get something that was somewhat affordable. By affordable, I mean, under $2000 a month.

This recent press release shows exactly what is happening.

With new developments comes some good news! I know it's hard to believe, but in all reality, the more we have, the less wait, and then MAYBE we can get the average rent back UNDER $2,133.

“Developers are currently building 730-plus new units, with another estimated 650 units in permitting. If all planned units come to fruition, the supply of rental housing in Bozeman would nearly double. That could lead to some softening in the rental market" -Casey Rose (SterlingCRE)

So this is good news, right? I do understand that having Bozeman grow and grow is not ideal, but the people that have lived here for years and years are being forced to leave because rent is too much, or the house they have been renting forever is being sold and forcing them out. We ABSOLUTELY need something to break.

cc: Sterling CRE (Sterling Commercial Real Estate Advisors)